# Finance Act 2000, Paragraph 62

Extent: E+W+S+N.I.

(1) Eligible shares must be—
(a) fully paid up, and
(b) not redeemable.
(2) Shares are not regarded as fully paid up for the purposes of sub-paragraph (1)(a) if there is any undertaking to pay cash to the company at a future date.
(3) For the purposes of sub-paragraph (1)(b) “redeemable” shares include shares that may become redeemable at a future date.
(4) Sub-paragraph (1)(b) does not apply in relation to shares in a co-operative.
(5) In sub-paragraph (4) “co-operative” means a registered industrial and provident society which is a co-operative society.
For this purpose—
“registered industrial and provident society” means a society registered or deemed to be registered under the Industrial and Provident Societies Act 1965 or the Industrial and Provident Societies Act (Northern Ireland) 1969; and
“co-operative society” has the same meaning as in section 1 of the 1965 Act or, as the case may be, the 1969 Act.

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Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/8/paragraph/62 (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-8/paragraph-62
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.